Merely having experience in a particular profession or having run a business in a particular location is not sufficient for starting the same business or activity in a small, impoverished area with low investment expectations and high return prospects, especially if the target audience is the local population. Small communities often have unique local customs, strong cultural norms, and different standards, which can make it challenging for outsiders to succeed. Therefore, it is crucial to thoroughly research and understand the local market before starting any new venture in a small and unfamiliar community.
In many countries, the law tends to favor local individuals when it comes to certain professions, sometimes even reserving those professions exclusively for locals. This perception may arise due to cultural biases or the belief that certain professions require deep local knowledge, making it challenging for non-locals to perform well in those roles. As a result, it can be difficult for outsiders to break into those professions and succeed in those markets. It is essential to understand these dynamics and navigate them accordingly if you are planning to enter into such markets or professions.
I have worked as a legal professional in Albania, FYROM, and Montenegro, but I have always had to maintain a secondary position as a consultant. This is not because of any legal requirements, but because the locals tend to associate the legal profession with nationality due to unofficial cultural norms. Locals believe that non-locals cannot understand or execute the unwritten rules or customs of the legal profession in the area. Unfortunately, their concern is not entirely unwarranted. In some places, such as northern Albania, legal representation by non-locals in local courts is not well supported. Lawyers and judges often use common sayings, legends, or local hero names that are unknown even to Albanians from other regions during court sessions.
Small communities tend to have strong professional or business communities, and they are not always welcoming to outsiders, especially those who pose competition. Therefore, it is crucial to gain an in-depth understanding of the local culture and customs before trying to enter a new market. Instead of venturing blindly into unfamiliar territories, it is advisable to practice a business or profession that you already know well. This way, you can learn about the local market and its intricacies and eventually expand your business or profession in the region.
An entrepreneur is an individual with specific abilities who should leverage their strengths to succeed. Instead of following the money, it is wise to choose a location that aligns with your professional skills. For instance, if you are a ski instructor, it does not make sense to teach in a location where there is no snow. Similarly, it is not advisable to enter a highly demanded profession like skiing instruction if it is not your area of expertise.
It is crucial to remember that success as an entrepreneur stems from your passion, knowledge, and skills. Thus, it is advisable to focus on what you do best, and identify the right market that suits your professional skills. This way, you can leverage your strengths and maximize your chances of success as an entrepreneur.
If your current profession is not working out, there is always the option of becoming a trader. Trading involves buying and selling goods or services for a profit, and there are many opportunities to do so. However, it is essential to understand that trading requires a specific skill set, and success in this field is not guaranteed.
Before venturing into trading, it is advisable to assess your strengths and weaknesses, and identify the market that suits your skills. Additionally, it is essential to conduct thorough research and identify the right products or services to trade. You should also consider the financial risks involved and have a solid plan in place to mitigate these risks.
Finally, while trading can be a viable option if your current profession is not working out, it is crucial to approach it with caution and careful planning. It is also important to have the necessary skills and knowledge to succeed in this field.
Merely spending money and visiting a new place does not guarantee a successful business start. Instead, it is essential to approach it with an investigative mindset. It is prudent to visit the location multiple times to assess the feasibility of the business venture thoroughly. In some cases, choosing not to pursue a business in a particular location and returning home can be the right decision, saving time and resources.
If you decide to work with a foreign ethnic group abroad, it is vital to consider the long-term prospects of your business venture. It is crucial to remember that people who live abroad tend to integrate into the local community, which may impact the demand for services catered to foreigners. Therefore, it is crucial to assess the sustainability of your business model and the potential return on investment in the long run.
In summary, it is essential to conduct thorough research and investigation before starting a business in a new location. It is also vital to consider the long-term prospects and sustainability of your business model, particularly when targeting a foreign ethnic group abroad.